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Sunday, December 20, 2009

Keep it Simple and Sane (Barb Rogers) I skipped a lot of this, and just skimmed through since I felt I already do all these, but the author writes well hence had picked it up. While skimming, saw these two that capture the essence of the book and I agree wholeheartedly with both.

  • If others can't see past your outsides, its because they are living with their own heaviness and limitations, and the best thing you can do is to leave them to their business and hope someday they will find some understanding.
  • What does "free to be" mean? For me, it means living in the moment, exactly as Iam, doing the best that I can do, and always striving forward. It means accepting that Iam not perfect, I will never be perfect, but I don't have to be. Its about leaving other people, and a God of my understanding to their business and taking care of mine. It is not my job to change the world or anyone in it, but to live in the truth of who Iam, what I can, where and when I can, and leave the rest to a power greater than I.

Tuesday, December 08, 2009

SOWING AND REAPING/LAW OF RECIPROCITY

  • "The universe is completely balanced and in perfect order. You will always be compensated for everything that you do." -- Brian Tracy
  • "Work joyfully and peacefully, knowing that right thoughts and right efforts will inevitably bring about right results." -- James Allen
  • "We are spinning our own fates, good or evil, and never to be undone. Every smallest stroke of virtue or of vice leaves its never so little scar." -- William James

Sunday, December 06, 2009

  • "How little praise warms out of a man the good that is in him, as the sneer of contempt which he feels is unjust, chills the ardor to excel." Edward G Bulwer-Lytton
  • "There is no such thing as luck. It's a fancy name for being always at our duty, and so sure to be ready when good time comes." Edward G Bulwer-Lytton
  • "Happiness and virtue rest upon each other; the best are not only the happiest, but the happiest are usually the best." Edward G Bulwer-Lytton
  • "Dignity does not consist in possessing honors, but in deserving them." Aristotle
  • "The energy of the mind is the essence of life." Aristotle
  • "We are what we repeatedly do. Excellence, then, is not an act, but a habit." Aristotle
  • "I confess I have the same fears for our South American brethren; the qualifications for self-government in society are not innate. They are the result of habit and long training, and for these they will require time and probably much suffering." Thomas Jefferson

Monday, November 30, 2009

Just got bumped up to 4.0 today. Thrilled to bits.

Sunday, November 29, 2009

How we Decide

From "How we Decide" - Jonah Lehrer

  • Loss Aversion : In human decision making, losses loom larger than gains. The pain of a loss was approximately twice as potent as the pleasure generated by a gain.

  • Loss aversion is part of a larger psychological phenomenon known as negativity bias, which means that for the human mind, bad is stronger than good. This is why in marital interactions, it generally takes at least five kind comments to compensate for one critical comment. The only way to avoid loss aversion is to know about it.

  • How do we regulate our emotions? The answer is surprisingly simple: by thinking about them. An individual can try to figure out why he's feeling the what he's feeling.

  • Could eat one marshmallow right away or if the child was willing to wait a few minutes, could eat two. Practically all decided to wait. The marshmallow was a test of self-control. The emotional brain is always tempted by rewarding stimuli. The ability to wait was because patient children were better at using reason to control their impulses. They covered their eyes, managed to shift attention somewhere else, looked for something else to play with and not fixate on the sweet treat. This skill also allowed these kids to spend more time on their homework.

  • People with frontal-lobe ;lesions can never solve puzzles. When problem-solving, the first brain areas activated were those involved in executive control, such as the prefrontal cortex and anterior cingulate cortex. The brain was banishing irrelevant thoughts so that the task-dependent cells could properly focus. Insight required a clean slate. Most of the possibilities your brain comes up with aren't going to be useful, but then when the right answer suddenly appeared, there was an immediate realization that the puzzle had been solved. This act of recognition is performed by the prefrontal cortex.

  • If the mind were infinitely powerful, information would be an unqualified good. The biological reality of the brain however is that it is severely bounded. the conscious brain can only handle about seven pieces of data at any one moment.

  • Too much data can intimidate the prefrontal cortex, that's when bad decisions are made.

  • Experiment with some people given a 7-digit number and others given a 3-digit number, they were offered a choice between a chocolate cake slice or a fruit bowl. The 7-digit people normally chose the cake.

  • Distracting the brain with a challenging memory task made a person much more likely to give in to temptation and choose cake. the subjects' self-control was overwhelmed by the extra 5 digits.

  • The effort required to memorize seven digits drew cognitive resources away from that part of the brain that normally controls emotional urges.

  • A mind trying to remember lots of information is less able to exert control over its impulses.

  • A slight drop is blood sugar levels can also inhibit self-control, since the frontal lobes require lots of energy in order to function.

  • Students were made to watch a mentally taxing movie while ignoring the rolling text at the bottom of the screen and then some were then offered lemonade with sugar, others were given lemonade with Splenda. After giving time for the glucose to enter the brain (abt 15 mins), the students were asked to pick apartments. The students without the sugar relied on intuition and instinct rather than reason since their rational brains were just too exhausted to think.

  • This research can also help explain why we are cranky when we're hungry and tired: The brain is less able to suppress the negative emotions sparked by small annoyances.

  • A bad mood is really just a rundown prefrontal cortex.

  • The brain relies on mental accounting since it has such limited processing abilities. These thinking problems come from the fact that we have slow, erratic CPU and the fact that we're busy. Since the prefrontal cortex can only handle seven things at the same time, its constantly trying to chunk stuff together to make the complexity of life more manageable. Instead of thinking about each M&M, we think in scoops.

  • The fragility of the prefrontal cortex means that we all have to be extremely vigilant about not paying attention to unnecessary information.

  • We live in a culture that's awash in information. The human brain was not designed to deal with such a surfeit of data. Being exposed to extra news was distracting.
  • .
  • On complicated decisions, its probably a mistake to reflect on all the options, as this inundates the prefrontal cortex with too much data.
  • Use your conscious mind to acquire all the information you need for making a decision. But don't try to analyze the information with your conscious mind. Instead, go on holiday while your unconscious mind digests it. Whatever your intuition then tells you is almost certainly going to be the best choice.
  • Anyone who is making difficult decisions can benefit from a more emotional thought process.As long as someone has sufficient experience in that domain-he's taken the time to train his dopamine neurons- then he shouldn't spend too much time consciously contemplating the alternatives.
  • It is the easy problems that are best suited to the conscious brain. These simple decisions won't overwhelm the prefrontal cortex.
  • Complex problems, on the other hand, require the processing of the emotional brain, the supercomputer of the mind. This doesn't mean you can just blink and know what to do- even the unconscious takes a little time to process the information-but it does suggest that there's a better way to make difficult decisions.

Strawberry jam: 
Consumers first picked their favorite Jam based on taste. Matched Consumer Reports reviews. 

Then I asked to explain why they prefer a particular Jam, which forced them to analyze their first impressions. All this extra analysis warped their jam judgment. 

Thinking Too much about the strawberry jam causes us to focus on all sorts of variables that actually don't matter. Instead of just listening to instinctive preferences - Best jam is associated with the most positive feelings- our rational brain search for reasons to prefer one jam over another. 

Repeated that. And with posters. 
5 posters- if subjects were divided into two groups. First was the non thinking group - instructed to Simply rate each poster on a scale from 1 to 10. The second group were given question that ask them why they liked or disliked each of the five posters. 
The members of the non-thinking group were much more satisfied with their choice of posters. SelfAnalysis resulted in less self-awareness. 

Fragility of the prefrontal cortex means that we all have to be extremely Vigilant about not paying attention to unnecessary information. When the prefrontal cortex is overwhelmed a person can no longer make sense of the situation. correlation is confused with causation. 

People in good mood are significantly better at solving hard problems that require insight then people who are cranky and depressed. The prefrontal cortex isn't preoccupied with managing emotional life, which means they're free to solve the problem at hand. 

Reason and feeling are both essential tools., each is best suited for specific tasks. Simple problems require reason on the other hand for important decisions about complex items use your emotions. It might sound ridiculous, make scientific sense: think Less about those items that you care a lot about. Don't be afraid to let your emotions choose. 

How can anyone identify the simple problems that are best suited for reason? Can the decision be accurately summarized in numerical terms? 

2 Simple tricks to help ensure that you never let certainty interfere with your judgment: First always entertain competing hypotheses. When you force yourself to interpret the facts through a different but uncomfortable lens you often discover your beliefs rest on a rather shaky Foundation. Be your own devil advocate. 

Second, continually remind yourself of what you don't know. Unknown unknowns. 


Friday, November 20, 2009

Classic again. JH

This thing has gone round and round even in the SMS, before SEOS.
All the ideas have come again and again.
I think the only way it's going to get fixed is to stay out of the way and let a few people that are majorly impacted to go ahead and just do it. Then the rest of us will follow.
Otherwise it will just never happen.
BGP will go with the flow, absorb any changes that may happen.

Tuesday, November 10, 2009

iWise bookmarks from iphone

  • "A mind always employed is always happy. This is the true secret, the grand recipe, for felicity." Thomas Jefferson
  • "When angry, count ten before you speak; if very angry, a hundred." Thomas Jefferson
  • "Our greatest happiness does not depend on the condition of life in which chance has placed us, but is always the result of a good conscience, good health, occupation, and freedom in all just pursuits." Thomas Jefferson
  • "I confess I have the same fears for our South American brethren; the qualifications for self-government in society are not innate. They are the result of habit and long training, and for these they will require time and probably much suffering." Thomas Jefferson
  • ""Determine never to be idle. No person will have occasion to complain of the want of time who never loses any. It is wonderful how much may be done if we are always doing." Thomas Jefferson
  • "Happiness is not being pained in body or troubled in mind." Thomas Jefferson
  • "Never put off till tomorrow what you can do today." Thomas Jefferson
  • "Honesty is the first chapter in the book of wisdom." Thomas Jefferson
  • "I'm a great believer in luck, and I find the harder I work, the more I have of it." Thomas Jefferson
  • "There is a natural aristocracy among men. The grounds of this are virtue and talents." Thomas Jefferson
  • "Let us have faith that right makes might, and in that faith let us dare to do our duty as we understand it." Abraham Lincoln
  • "Faithfulness and sincerity are the highest things." Confucius
  • "The man of virtue makes the difficulty to be overcome his first business, and success only a subsequent consideration." Confucius
  • "To be wronged is nothing unless you continue to remember it." Confucius
  • "Follow your instincts. That's where true wisdom manifests itself." Oprah Winfrey
  • "That guy just cut right in front of me. But I'm not going to let it bother me. No. I'm on my way to work and I decided it doesn't matter who wants to cut in front of my lane today. I'm not going to let it bother me one bit. Once I get to work, find myself a parking space, if somebody wants to jump ahead of me and take it, I'm going to let them." Oprah Winfrey
  • "Well done is better than well said." Benjamin Franklin
  • "Our critics are our friends; they show us our faults." Benjamin Franklin
  • "Rather go to bed with out dinner than to rise in debt." Benjamin Franklin
  • "A penny saved is a penny earned." Benjamin Franklin
  • "Necessity never made a good bargain." Benjamin Franklin
  • "Take time for all things; great haste makes great waste." Benjamin Franklin
  • "Whatever is begun in anger, ends in shame." Benjamin Franklin
  • "Sloth makes all things difficult, but industry, all things easy. He that rises late must trot all day, and shall scarce overtake his business at night, while laziness travels so slowly that poverty soon overtakes him." Benjamin Franklin
  • "Would you persuade, speak of interest, not of reason." Benjamin Franklin
  • "Would you live with ease, do what you ought, and not what you please." Benjamin Franklin
  • "I find my greatest pleasure, and so my reward, in the work that precedes what the world calls success." Thomas A Edison
  • "Insults are the arguments employed by those who are in the wrong." Jean Jacques Rousseau
  • "The true measure of a man is how he treats someone who can do him absolutely no good." Samuel Johnson
  • "The only tyrant I accept in this world is the still voice within." Mahatma Gandhi
  • "It is the quality of our work which will please God and not the quantity." Mahatma Gandhi
  • ""Quarrel not at all. No man resolved to make the most of himself can spare time for personal contention. Still less can he afford to take all the consequences, including the vitiating of his temper and loss of self control. Yield larger things to which you can show no more than equal right; and yield lesser ones, though clearly your own. Better give your path to a dog than be bitten by him in contesting for the right. Even killing the dog would not cure the bite." Abraham Lincoln
  • "We should be too big to take offense and too noble to give it." Abraham Lincoln
  • "Let reverence for the laws be breathed by every American mother to the lisping babe that prattles on her lap. Let it be taught in schools, in seminaries, and in colleges. Let it be written in primers, spelling books, and in almanacs. Let it be preached from the pulpit, proclaimed in legislative halls, and enforced in the courts of justice. And, in short, let it become the political religion of the nation." Abraham Lincoln
  • "Lets have faith that right makes might and in that faith let us, to the end, dare to do our duty as we understand it." Abraham Lincoln
  • "Discourage litigation. Persuade your neighbors to compromise whenever you can. As a peacemaker the lawyer has superior opportunity of being a good man. There will still be business enough." Abraham Lincoln

Thursday, October 29, 2009

Priceless!

Topic Comment: (Topic level)
Comment: I've seen this review go back and forth for weeks for silly editorial comments about spacing, bla bla. This is not progress that shareholders pay you for.
Enough already with the editorials.
Please stick to actual bugs you find or shut up.


Sorry about the language. Here it is again in better language:
Readability is good, but maintainability is paramount. Haggling over small syntactic issues is unreasonable.

Did it make the slightest difference that she published the Philosophical Review? She put the thought out of her mind, it was simply wrong as undermining doubts so often are.

Tuesday, October 27, 2009

Mahatma Gandhi.

  • Freedom is not worth having if it doesn't include the freedom to err.
  • Full effort is full victory.
  • Providence has its appointed hour for everything. We cannot command results, we can only strive.

Monday, October 26, 2009

Walter schloss principles

Warren Buffett on Schloss:
He knows how to identify securities that sell at considerably less than their value to a private owner: And that's all he does. He owns many more stocks than I do and is far less interested in the underlying nature of the business; I don't seem to have very much influence on Walter. That is one of his strengths; no one has much influence on him.

Here are 16 golden rules for investing from Walter Schloss. Thanks to Todd Sullivan for the finding:

2. Try to establish the value of the company.
3. Use book value as a starting point to try and establish the value of the enterprise. Be sure that debt does not equal 100% of the equity.
4. Have patience. Stocks don’t go up immediately.
5. Don’t buy on tips or for a quick move. Let the professionals do that, if they can. Don’t sell on bad news.
6. Don’t be afraid to be a loner but be sure that you are correct in your judgment. You can’t be 100% certain but try to look for the weaknesses in your thinking. Buy on a scale down and sell on a scale up.
9. Don’t be in too much of a hurry to sell. If the stock reaches a price that you think is fair, then you can sell. Before selling reevaluate the company again and see where the stock sells in relation to its book value. Be aware of the level of the stock market. Are yields low and P-E ratios high. Are people very optimistic etc?
10. When buying a stock, I find it helpful to buy near the low of the past few years. A stock may go as high as 125 and then decline to 60 and you think it attractive. 3 years before the stock sold at 20 which shows that there is some vulnerability in it.
11. Try to buy assets at a discount than to buy earnings. Earning can change dramatically in a short time. Usually assets change slowly. One has to know much more about a company if one buys earnings.
12. Listen to suggestions from people you respect. This doesn’t mean you have to accept them.
15. Prefer stock over bonds. Bonds will limit your gains and inflation will reduce your purchasing power.
16. Be careful of leverage. It can go against you.
Don't lose money !

Saturday, September 26, 2009

If you are doing your best, you will not have time to worry about failure.
- Robert Hillyer

Will any man despise me? Let him see to it. But I will see to it that I may not be found doing or saying anything that deserves to be despised.
-Marcus Aurelius

I who have never wilfully pained another, have no business to pain myself.

Is one doing me wrong? Let himself look to that; his humors and actions are his own. As for me, Iam only acting as my own nature wills me to act.

Monday, August 31, 2009

  • Nearly everything you do is of no importance, but it is important that you do it. -Mahatma Gandhi
  • I have always found that mercy bears richer fruits than strict justice. -Abraham Lincoln
  • It is not wealth one asks for, but just enough to preserve one's dignity, to work unhampered, to be generous, frank and independent. -Somerset Maugham

Sunday, August 09, 2009

Link to : Muriel Barbery: An Elegant Quill

Had a great time at the jazz festival and drinks last evening.
Here's a very nice review of "Elegance of The Hedgehog"

As the two characters' lives overlap, Paloma comes to discover Renée's secret gifts, and to appreciate her self-effacing elder as having "the elegance of a hedgehog: a real fortress, bristling with quills on the outside . . . deceptively sluggish, ferociously independent, yet terribly elegant."

Saturday, August 08, 2009

From "Elegance of the Hedgehog"

  • Thus the television in the front room, guardian of my clandestine activities, could bleat away and I was no longer forced to listen inane nonsense fit for the brain of a clam
  • With the exception of love, friendship and the beauty of Art, I don't see much else that can nurture human life.
  • I have read so many books.... and yet , like most autodidacts, Iam never quite sure of what I've gained from them. There are days when I feel I have been able to grasp all there to know in one single gaze, as if invisible branches suddenly spring out of nowhere, waving together all the disparate strands of my reading - and then suddenly the meaning escapes, the essence evaporates, they seem to flee further with each subsequent reading.
  • Nothing is harder or more unfair than human reality: humans live in a world where its words and not deeds that have power, where the ultimate skill is the mastery of language. This is a terrible thing because basically we are primates who've been programmed to eat, sleep, reproduce , conquer and make our territory safe, and the ones who are most gifted at that, always get screwed by the others, the fine talkers. This is a terrible insult to our animal nature, a sort of perversion or a deep contradiction.
  • Because in town it is the dogs who have their masters on a leash. though no one seems to have caught on to thew fact.If you have voluntarily saddled yourself with a dog that you'll have to walk twice a day, come rain wind or snow, that is as good as as having a leash around your own neck.
  • From the very start Colombe and I have been at war because as far as Colombe is concerned, life is a permanent battle where you can win only by destroying the other guy. She cannot feel safe if she hasn;t crushed her adversaries and reduced their territory to the meanest share. For some obscure reason Colombe, who most of the time is totally insensitive to what's going on with other people, has figured out that what I dread more than anything else in life is noise. That silence helps you to go inward, that anyone who is interested in something more than just life outside actually needs silence: this is something she is not capable of understanding, because her inner space is as chaotic and noisy as the street outside. But in any case she figured it out so all day long she makes noise. Since she can't invade anything else, she invades my personal auditory space, and ruins my life from morning to night.
  • and then, for the price of sixty-three euros, I had some fillets of mullet in curry and then for thirty-four euros, the least evil thing I could find on the menu: a bitter chocolate fondant. Let me tell you: at that price, I would have preferred a year';s subscription to McDonald's. At least its in bad taste without being pretentious.
  • Teas and mangas: something elegant and enchanting, instead of adult power struggles and their sad aggressiveness.
  • But never again will I see those I love, and if that is what dying is all about, then it really is the tragedy they say it is.
  • I understood I was suffering because I couldn't make anyone else around me feel better. I understood that I have a grudge against Papa, Maman and above all Colombe because I'm incapable of being useful to them.
  • I was having breakfast and looking at the bouquet on the kitchen counter.I don't believe I was thinking of anything.I was alone, and calm, and empty. So I was able to take it in. There was a little sound, a sort of quivering in the air that went "shhh" very very very quietly: a tiny rosebud on a little broken stem that dropped onto he counter. The moment it touched the surface it went "puff", a "puff" of the ultrasonic variety, for the ears of mice alone, or for human ears when everything is very very very silent. .. and I have been lucky because this morning all the conditions were ripe: an empty mind, a calm house, lovely roses, a rosebud dropping. Because beauty consists of its own passing, just as we reach for it. Its the ephemeral configuration of things in the moment when you can see both their beauty and their death.
  • What is the purpose of intelligence if not to serve others? And I'm not referring to the false servitude that high-ranking state - employed flunkeys exhibit so proudly, as if it were a badge of virtue: The facade of humility they wear is nothing more than vanity or disdain.
  • Instead privilege brings with it true obligations. If you belong to the closed inner sanctum of the elite, you must serve in equal proportion to the glory and ease of material existence you derive from belonging to that inner sanctum.
  • I have always been fascinated by the abnegation with which we human beings are capable of devoting a great deal of energy to the quest for nothing and to the rehashing of useless and absurd ideas. I spoke with a young doctoral candidate in Greek patristics and wondered how so much youth could be squandered in the service of nothingness. When you consider that a primate's major preoccupations are sex, territory and hierarchy, spending one's time reflecting on the meaning of prayer for Augustine of Hippo seems a relatively futile exercise.
  • Literature for instance serves a pragmatic purpose. Like any for of Art, literature's mission is to make the fulfillment of our essential duties more bearable.
  • Truth loves nothing better than simplicity of Truth: that is the lesson Colombe Josse ought to have learned from her medieval readings, but all she seems to have gleaned from her studies is how to make a conceptual fuss in the service of nothing. The fact that the middle classes are working themselves to the bone, using their sweat and taxes to finance such pointless and pretentious research leaves me speechless. Every gray morning, day and after gloomy day, secretaries, craftsmen employees , petty civil servants , taxi drivers and concierges shoulder their burden so that the flower of French youth, duly housed and subsidized, can squander the fruit of all that dreariness upon the altar of ridiculous endeavours.

Wednesday, August 05, 2009

Every instinct..

By Nathalie Thomas
BILLIONAIRE US investor Warren Buffett has said he intends to bide his time before taking up his option to buy a further $5 billion worth of Goldman Sachs shares, despite calculations that he stands to make a significant profit from the transaction. Buffett secured warrants to buy more Goldman stock last September when his investment vehicle Berkshire Hathaway snapped up $5bn worth of preferred shares in the banking giant.
Although the move helped to inject some confidence in the sector at a time, analysts later questioned its wisdom after Goldman's shares fell below $48 in November.

But last week the stock hit $165.45, prompting speculation that Buffett would exercise his right to increase his stake. Under the terms of the deal, he has until 1 October 2013 to buy a further $5bn of common shares at $115 each but he told a US television channel that he intends to delay even though the warrants are currently valued in excess of $2bn.

"Every instinct in my body tells me that we will want to hold those warrants until they're very close to their expiration date," he told Fox Business Network.

Saturday, August 01, 2009

Points from Klarman's "The Value Of Not Being Sure"


  • Financial markets are manic and best thought of as an erratic counterparty rather than as an arbiter of the accuracy of one's investment judgements.
  • Historically, little volume transacts at the bottom or on the way back up and competition from other buyers will be much greater when the markets settle down and the economy begins to recover. Moreover the price recovery from a bottom can be very swift. Therefore, an investor should put money to work amidst the throes of a bear market, appreciating that things will likely get worse before they get better.
  • Process, Not Outcome :The only things one can really control are investment philosophy, investment process and the nature of clients. Controlling your process is absolutely crucial to long-term success in any market environment/.
  • James Montier, recently pointed out that when athletes were asked what went through their minds just before competing, the consistent response was a focus on process, not outcome.
  • Success virtually requires that a process be in place that enables intellectual honesty, rigor, creativity and integrity.

Friday, July 17, 2009

Buffett: The Master of Simplicity

From http://www.gurufocus.com/news.php?id=5816

Buffett’s answers were like always, straight to the point, simple and stunningly brilliant.

In business schools, students are taught complicated is smart and simple is not. Students adept at solving equations with Greek letters are more highly sought after. As Buffet says:“If calculus or algebra were required to be a great investor, I’d have to go back to delivering newspapers.”
Buffett is successful by being simple.

Munger reportedly wears mostly Brooks Brothers clothing, a line known for its proper and classic look, for a fair price. Likewise, up until recently, Buffett wore whatever he could find. He still buys his Zegna suits off the rack. They'd be less successful if :

1) They both sat at computers all day, they would stop thinking nearly as much as they do now. A computer would give them a temptation to listen to others and they would lose logic and rational thought.

2) They lived in New York and worked on Wall Street. The “buzz” would likely interfere with their thoughts. Both men have said again and again that isolated rational thought is the key to successful investing.

3) They spent time shopping for the newest fashionable clothing, they would lose focus on what they are doing. When asked in a recent CNBC interview what one word would describe his success, Buffett answered, “focus”. Spending time on frivolous accessories would make his extreme focus much harder.

The annual meeting made me wonder: why does our society appear to be increasingly embracing the complex way of life, when “the simple life” clearly can lead to happiness?

Monday, May 25, 2009

"If you can keep your head when all around you are losing theirs and blaming it on you, then the world is yours and all that's in it." -- Rudyard Kipling

Sunday, May 24, 2009

Early to bed and early to rise makes a man healthy, wealthy, and wise - Franklin

Friday, May 22, 2009

  • Freedom is not worth having if it does not include the freedom to make mistakes. -Mahatma Gandhi
  • A man is rich in proportion to the number of things he can afford to let alone. -Henry David Thoreau
  • Do what you feel in your heart to be right - for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. -Eleanor Roosevelt
  • Having the fewest wants, I am nearest to the gods.
    -Socrates from Diogenes Laertius, Lives of Eminent Philosophers
  • To understand the heart and mind of a person, look not at what he has already achieved, but at what he aspires to do. -Kahlil Gibran

Thursday, May 21, 2009

In my financial counseling practice, I use the rule of thumb that a reasonable amount to spend on clothing without overspending is 4% to 6% of your take-home pay per month. Just take the number that your paychecks actually add up to in a month, and multiply that by .06 Just remember that this amount is for the entire family, not just one person unless you are single and no one else is depending upon your income.


To start with I don't think $500 is enough for what you listed but, at the same time, I think you're spending too much at once. I believe that clothes shopping should be a regular experience and not a once a year experience.

I would plan to make one purchase at a time. Once or twice a month, depending on what you can afford and your pay schedule, you should go clothes shopping. Each time you shop you should buy one outfit.

Then, I would go for the jeans and the black sweater. Jeans can cost between $25 for basic Levis to $200 for designer jeans. Try to stick to the $60 range. Take your time and search for jeans that really fit you. It's not as easy as it sounds. For the sweater I would buy cashmere. No other sweaters wear better and look great for a longer time than cashmere. If you're thrifty you can find one for under $100 but it will take some shopping. Winter is the time to buy cashmere so don't wait too long because spring clothes will be coming soon. I make a point of buying at least one, if not two, cashmere sweaters each Christmas season.

I always maintain 5 pairs of jeans and just buy a new pair when one of the 5 becomes unwearable for some reason. I always have no more than 5 pair and no less than 5 pair.

Spring - This is a big time to shop. Spring is when fashion colors change again and it's time to buy dress pants with matching or complimentary blouses. It's also time to buy a new purse in a lighter color that compliments your spring clothes.

Summer - It's time to buy play clothes for outdoor activities and be sure to buy a light summer dress. They are a must for light wearability and going out.

every woman needs 10 basic wardrobe pieces as the basis for style. They are:
1. A good fitting pair of jeans
2. A white shirt
3. A blazer
4. A trench coat
5. Dress pants
6. A skirt
7. A basic black cocktail dress
8. A sweatsuit alternative - clothes to be active in that don't look sloppy.
9. A cashmere sweater
10. A dress (I can't remember how he described this dress but it's not too formal, maybe a business dress)
http://www.guardian.co.uk/books/2008/jul/05/frankoconnoraward

The judges for the Frank O'Connor award have dispensed with the ritual of issuing a shortlist, announcing today that Jhumpa Lahiri has won the world's richest honour for a short story collection. The jurors decided that Unaccustomed Earth was so plainly the best book that they would jump straight from longlist to winner, and have awarded Lahiri the €35,000 (£27,000) prize.

In what will be a shock to writers and publishers, Lahiri's collection of eight stories examining different aspects of the Bengali migrant experience has seen off authors including Booker winners Anne Enright and Roddy Doyle. But the book is already a publishing sensation: published this spring, it went straight into the New York Times's fiction charts at number one. It is an unprecedented feat for a short story writer which the paper compared to "a comet landing", so rarely does a serious writer make this kind of commercial impact. Indeed, unusual success has been the hallmark of her career since she published her first book of stories, Interpreter of Maladies, in 1999, winning the Pulitzer prize and selling 600,000 copies - another very rare feat.

The judges - Granta fiction editor Rosalind Porter, Cork City chief librarian Liam Ronayne and Irish Times Literary correspondent Eileen Battersby - were immediately and unanimously convinced the book should win.

"With a unanimous winner at this early stage we decided it would be a sham to compose a shortlist and put five other writers through unnecessary stress and suspense," explained the award's director, Pat Cotter. "Not only were the jury unanimous in their choice of Lahiri's Unaccustomed Earth as the winner, they were unanimous in their belief that so outstanding was Lahiri's achievement in this book that no other title was a serious contender."

Lahiri will now travel to Cork to be presented with the award at the end of the Frank O'Connor International Short Story festival on September 21 - the day when the prize was originally scheduled to be revealed.

Wednesday, May 20, 2009

Buffett quotes from 1974

"you never have to swing. You stand at the plate,
the pitcher throws you GM at 47 ! X at 39 ! and nobody calls
a strike on you. There's no penalty except opportunity lost.
All day you wait for the pitch you like; then when the
Fielders are asleep, you step up and hit it."

Sunday, May 10, 2009

A good objective of leadership is to help those who are doing poorly to do well and to help those who are doing well to do even better. Jim Rohn
Amid economic catastrophe — Oregon has the country’s second-highest unemployment rate — there was a general indifference to wealth. In its place was a dedication to the things that really matter: hearty food and drink, cultural pursuits both high and low, days in the outdoors and evenings out with friends. It’s the good life, and in Portland it still comes cheap.

Sunday, March 22, 2009

Buffett interview prefer newspaper delivery

Notes from Buffett visit with Emory Students held on February 6, 2009
----

Buffett:
No sector is a good buy unless you understand the business. However, I do believe that there is good value and great opportunity now in the financial sector because it is extremely unpopular. Sector’s themselves don’t make good buys, companies that are undervalued make good buys. You know how to value a business, you project the future cash flows discounted to present and buy with a margin of safety. The earnings prospects need to be greater than the current value. Anything that is unpopular is always great to look at. If I was getting out of school right now, I would take a look.

Buffett:
Risk does not equal beta. Risk comes around because you don’t understand things, not because of beta. There are normally 10 filters or so that I go through when I hear an idea. The first is can I understand the business and understand the downside not just today but five to ten years from now. There have been very few times that I’ve lost 1% of my net worth. I might be risk averse but I am not action adverse. I just stay within my circle of confidence.I  need only need to be right a few times and can let thousands of ideas go by.

You have to know your sweet spot. The beautiful thing about investing is that it’s a “No called strike game” where unlike baseball the only strikes in investing are when you swing. I don’t have to swing.

When I do invest, I don’t care if the stock price goes from $10 to $2 but I do care about if the value went from $10 to $2. Avoid debt. I decided early on that I never wanted to owe more than 25% of my net worth, and I haven’t… exept for in the very beginning. I like to play from a position of strength. I always try to have the odds in my favor.

Think about what the asset will produce. Look at the asset, not the beta. Stock price is not that important to me, it just gives you the opportunity to buy at a great price. I care more about the business than I do about events. I care about if there’s price flexibility and whether the company can gain more market share.

If I were running a business school I would only have 2 courses. The first would obviously be an investing class about how to value a business. The second would be how to think about the stock market and how to deal with the volatility.

Q: Why did you invest in Harley-Davidson?

Buffett: I like the 15%. I measured that 15% against other credits and it looked attractive on both a relative basis and an absolute basis. Also, we have to have a certain amount of the portfolio go to debt. Any company where you can get your customers to tattoo your name on their body has quite a strong brand. For this investment I had to think what is the probability that they will not pay me back and would I want to own the company if they did not, basically that the equity isn’t worth zero.


I bought See’s in 1972 and I think understanding the value of brand helped drive the decision to buy Coca-Cola in 1988.

Buffett: [Showed his blank schedule book]. Bill Gates is overscheduled. I am extremely lucky and I can say no to anything because there isn’t an entity that can use economic pressure to make me do something. A lot of CEOs get into a lot of the rituals that are part of the job. I would rather deliver papers than be the CEO of GE. The 76 or so CEOs that run companies at Berkshire don’t have to deal with bankers or lawyers. At Berkshire, we’ve never had a meeting for all of them anywhere. There are no presentations and no committees. They can be more productive, and it makes it attractive when they can do what they like to do best.

When I took over Solomon I had to pick the best person to run it. I asked myself, “Who would I go into a foxhole with?” I never look at grades or where you went to school. When I picked Deryck Maughan, he never asked me about pay or options or indemnity. He went to work.

Tuesday, March 17, 2009

To be nobody but yourself, in a world which is doing its best, night and day, to make you everybody else means to fight the hardest battle that any human being can fight--and never stop fighting.

-E.E. Cummings

Wednesday, March 11, 2009

To be a philosopher is not merely to have subtle thoughts,
nor even to found a school, but so to love wisdom as to live
according to its dictates, a life of simplicity, independence,
magnanimity, and trust.

from the chapter "Economy" in Walden

Tuesday, February 10, 2009

Victor Frankl Quotes : (Just reading Man's search for the meaning of life. Also found Snowball and Friedman's new book in the library today. Almost made up for day at work)

Fear makes come true that which one is afraid of.


Everything can be taken from a man but one thing; the last of the human freedoms – to choose one’s attitude in any given set of circumstances, to choose one’s own way.Don't aim at success - the more you aim at it and make it a target, the more you are going to miss it. For success, like happiness, cannot be pursued; it must ensue, and it only does so as the unintended side-effect of one's dedication to a cause greater than oneself or as the by-product of one's surrender to a person other than oneself. Happiness must happen, and the same holds for success: you have to let it happen by not caring about it. I want you to listen to what your conscience commands you to do and go on to carry it out to the best of your knowledge. Then you will live to see that in the long run - in the long run, I say! - success will follow you precisely because you had forgotten to think of it.


The more one forgets himself - by giving himself to a cause to serve or another person to love - the more human he is and the more he actualizes himself.


We must never forget that we may also find meaning in life even when confronted with a hopeless situation, when facing a fate that cannot be changed. For what then matters is to bear witness to the uniquely human potential at its best, which is to transform a personal tragedy into a triumph, to turn one's predicament into a human achievement. When we are no longer able to change a situation - just think of an incurable disease such as inoperable cancer - we are challenged to change ourselves

Everyone has his own specific vocation or mission in life; everyone must carry out a concrete assignment that demands fulfillment. Therein he cannot be replaced, nor can his life be repeated, thus, everyone's task is unique as his specific opportunity to implement it.


"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life - daily and hourly. Our answer must consist, not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual."

-I did not know whether my wife was alive, and I had no means of finding out (during all my prison life there was no outgoing or incoming mail); but at that moment it ceased to matter. There was no need for me to know; nothing could touch the strength of my love, my thoughts, and the image of my beloved. Had I known then that my wife was dead, I think that I would still have given myself, undisturbed by that knowledge, to the contemplation of her image, and that my mental conversation with her would have been just as vivid and just as satisfying. 'Set me like a seal upon thy heart, love is as strong as death.'" pp. 56-58.

---


"As the inner life of the prisoner tended to become more intense, he also experienced the beauty of art and nature as never before. Under their influence he sometimes even forgot his own frightful circumstances. If someone had seen our faces on the journey from Auschwitz to a Bavarian camp as we beheld the mountains of Salzburg with their summits glowing in the sunset, through the little barred windows of the prison carriage, he would never have believed that those were the faces of men who had given up all hope of life and liberty. Despite that factor--or maybe because of it--we were carried away by nature's beauty, which we had missed for so long.

"In camp too, a man might draw the attention of a comrade working next to him to a nice view of the setting sun shining through the tall trees of the Bavarian woods (as in the famous water color by Dürer), the same woods in which we had built an enormous, hidden munitions plant. One evening, when we were already resting on the floor of our hut, dead tired, soup bowls in hand, a fellow prisoner rushed in and asked us to run out to the assembly grounds and see the wonderful sunset. Standing outside we saw sinister clouds glowing in the west and the whole sky alive with clouds of ever-changing shapes and colors, from steel blue to blood red. The desolate grey mud huts provided a sharp contrast, while the puddles on the muddy ground reflected the glowing sky. Then, after minutes of moving silence, one prisoner said to another, 'How beautiful the world could be!'

"Another time we were at work in a trench. The dawn was grey around us; grey was the sky above; grey the snow in the pale light of dawn; grey the rags in which my fellow prisoners were clad, and grey their faces. I was again conversing silently with my wife, or perhaps I was struggling to find the reason for my sufferings, my slow dying. In a last violent protest against the hopelessness of imminent death, I sensed my spirit piercing through the enveloping gloom. I felt it transcend that hopeless, meaningless world, and from somewhere I heard a victorious 'Yes' in answer to my question of the existence of an ultimate purpose. At that moment a light was lit in a distant farmhouse, which stood on the horizon as if painted there, in the midst of the miserable grey of a dawning morning in Bavaria. 'Et lux in tenebris lucent'--and the light shineth in the darkness. For hours I stood hacking at the icy ground. The guard passed by, insulting me, and once again I communed with my beloved. More and more I felt that she was present; that she was with me; I had the feeling that I was able to touch her, able to stretch out my hand and grasp hers. The feeling was very strong: she was there. Then, at that very moment, a bird flew down silently and perched just in front of me, on the heap of soil which I had dug up from the ditch, and looked steadily at me." pp. 58-60.

---

" . . . it is not for me to pass judgment on those prisoners who put their own people above everyone else. Who can throw a stone at a man who favors his friends under circumstances when, sooner or later, it is a question of life or death? No man should judge unless he asks himself in absolute honesty whether in a similar situation he might not have done the same." p. 68.

---

---

"On my fourth day in the sick quarters I had just been detailed to the night shift when the chief doctor rushed in and asked me to volunteer for medical duties in another camp containing typhus patients. Against the urgent advice of my friends (and despite the fact that almost none of my colleagues offered their services), I decided to volunteer. I knew that in a working party I would die in a short time. But if I had to die there might at least be some sense in my death. I thought that it would doubtless be more to the purpose to try and help my comrades as a doctor than to vegetate or finally lose my life as the unproductive laborer that I was then." p. 69.

---

"I made a quick last round of my patients [just before I intended to escape], who were lying huddled on the rotten planks of wood on either side of the huts. I came to my only countryman, who was almost dying, and whose life it had been my ambition to save in spite of his condition. I had to keep my intention to escape to myself, but my comrade seemed to guess that something was wrong (perhaps I showed a little nervousness). In a tired voice he asked me, 'You, too, are getting out?' I denied it, but I found it difficult to avoid his sad look. After my round I returned to him. Again a hopeless look greeted me and somehow I felt it to be an accusation. The unpleasant feeling that had gripped me as soon as I had told my friend I would escape with him became more intense. Suddenly I decided to take fate into my own hands for once. I ran out of the hut and told my friend that I could not go with him. As soon as I had told him with finality that I had made up my mind to stay with my patients, the unhappy feeling left me. I did not know what the following days would bring, but I had gained an inward peace that I had never experienced before. I returned to the hut, sat down on the boards at my countryman's feet and tried to comfort him; then I chatted with the others, trying to quiet them in their delirium." p. 79.

---

"Many weeks later we found out that even in those last hours fate had toyed with us few remaining prisoners. We found out just how uncertain human decisions are, especially in matters of life and death. I was confronted with photographs which had been taken in a small camp not far from ours. Our friends who had thought they were traveling to freedom that night had been taken in the trucks to this camp, and there they were locked in the huts and burned to death. Their partially charred bodies were recognizable on the photograph. . . ." pp. 80-83.

---

"We who lived in concentration camps can remember the men who walked through the huts comforting others, giving away their last piece of bread. They may have been few in number, but they offer sufficient proof that everything can be taken from a man but one thing: the last of the human freedoms--to choose one's attitude in any given set of circumstances, to choose one's own way.

"And there were always choices to make. Every day, every hour, offered the opportunity to make a decision, a decision which determined whether you would or would not submit to those powers which threatened to rob you of your very self, your inner freedom; which determined whether or not you would become the plaything of circumstance, renouncing freedom and dignity to become molded into the form of the typical inmate.

"Seen from this point of view, the mental reactions of the inmates of a concentration camp must seem more to us than the mere expression of certain physical and sociological conditions. Even though conditions such as lack of sleep, insufficient food and various mental stresses may suggest that the inmates were bound to react in certain ways, in the final analysis it becomes clear that the sort of person the prisoner became was the result of an inner decision, and not the result of camp influences alone. Fundamentally, therefore, any man can, even under such circumstances, decide what shall become of him--mentally and spiritually. He may retain his human dignity even in a concentration camp. Dostoevski said once, 'There is only one thing that I dread: not to be worthy of my sufferings.' These words frequently came to my mind after I became acquainted with those martyrs whose behavior in camp, whose suffering and death, bore witness to the fact that the last inner freedom cannot be lost. It can be said that they were worthy of their sufferings; the way they bore their suffering was a genuine inner achievement. It is this spiritual freedom--which cannot be taken away--that makes life meaningful and purposeful.

"An active life serves the purpose of giving man the opportunity to realize values in creative work, while a passive life of enjoyment affords him the opportunity to obtain fulfillment in beauty, art, or nature. But there is also purpose in that life which is almost barren of both creation and enjoyment and which admits of but one possibility of high moral behavior: namely, in man's attitude to his existence, an existence restricted by external forces. A creative life and a life of enjoyment are banned to him. But not only creativeness and enjoyment are meaningful. If there is a meaning in life at all, then there must be a meaning in suffering. Suffering is an ineradicable part of life, even as fate and death. Without suffering and death human life cannot be complete.

"The way in which a man accepts his fate and all the suffering it entails, the way in which he takes up his cross, gives him ample opportunity--even under the most difficult circumstances--to add a deeper meaning to his life. It may remain brave, dignified and unselfish. Or in the bitter fight for self-preservation he may forget his human dignity and become no more than an animal. Here lies the chance for a man either to make use of or to forgo the opportunities of attaining the moral values that a difficult situation may afford him. And this decides whether he is worthy of his sufferings or not.


"This young woman knew that she would die in the next few days. But when I talked to her she was cheerful in spite of this knowledge. 'I am grateful that fate has hit me so hard,' she told me. 'In my former life I was spoiled and did not take spiritual accomplishments seriously.' Pointing through the window of the hut, she said, 'This tree here is the only friend I have in my loneliness.' Through that window she could see just one branch of a chestnut tree, and on the branch were two blossoms. 'I often talk to this tree,' she said to me. I was startled and didn't quite know how to take her words. Was she delirious? Did she have occasional hallucinations? Anxiously I asked her if the tree replied. 'Yes.' What did it say to her? She answered, 'It said to me, "I am here--I am here--I am life, eternal life."'" pp. 89-90


Part II - Logotherapy in a Nutshell

" The more one forgets himself--by giving himself to a cause to serve or another person to love--the more human he is and the more he actualizes himself.

---


"Is this to say that suffering is indispensable to the discovery of meaning? In no way. I only insist meaning is available in spite of--nay, even through suffering, provided . . . that the suffering is unavoidable. If it is avoidable, the meaningful thing to do is to remove its cause, for unnecessary suffering is masochistic rather than heroic. If, on the other hand, one cannot change a situation that causes his suffering, he can still choose his attitude.Long had not . . . chosen to break his neck, but he did decide not to let himself be broken by what had happened to him.

"As we see, the priority stays with creatively changing the situation that causes us to suffer. But the superiority goes to the 'know-how to suffer,' if need be. . . ." pp. 171-172

Thursday, January 29, 2009

  • "What I Believe," - E.M. Forster "I believe in aristocracy; not an aristocracy of power based upon rank and influence, but an aristocracy of the sensitive, the considerate, and the plucky. Its members represent the true human tradition, the one permanent victory of our queer race over cruelty and chaos. They are sensitive for others as well as themselves; they are considerate without being fussy; their pluck is not swankiness, but the power to endure, and they can take a joke."
  • "He who loves best his fellow-man, is loving God the holiest way he can" - Alice Cary
  • The greatest carver does the least cutting. - Tao Te Ching
  • The trouble with the rat race is that even if you win, you're still a rat. -Lilly Tomlin
  • Growth in wisdom may be exactly measured by decrease in bitterness. -Nietzsche
  • You are my friend when you can guard my failure, challenge my thought and celebrate my success.
  • "One of the symptoms of an approaching nervous breakdown is the belief that one's work is terribly important." -Bertrand Russell (1872-1970)
  • The degree of one's emotions varies inversely with one's knowledge of the facts.-Bertrand Russell
  • The time you enjoy wasting is not wasted time. -Bertrand Russell
  • The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. -Bertrand Russell
  • The best way to have a good idea is to have lots of ideas. -Linus Pauling
  • The marksman hitteth the mark partly by pulling, partly by letting go. -Egyptian proverb
  • Angels fly because they take themselves lightly. - Jean Cocteau
  • He that is of a merry heart hath a continual feast.
  • Never "for the sake of peace and quiet" deny your own experience or convictions.
  • You may be disappointed if you fail, but you are doomed if you don?t try.
  • "Why not" is a slogan for an interesting life.
  • When you follow your bliss, doors will open where you would not have thought there would be doors; and where there wouldn't be a door for anyone else. -Joseph Campbell
  • Grief can take care of itself: but to get the full value of joy you must have somebody to divide it with. - Mark Twain
  • Don?t compromise yourself. You are all you?ve got. - Janis Joplin
  • To dream of the person you would like to be is to waste the person you are.
  • We don't see things as they are, we see them as we are. - Anais Nin
  • One is taught by experience to put a premium on those few people who can appreciate you for what you are. - Gail Godwin
  • A ship in harbor is safe, but that is not what ships are built for. - William Shedd
  • Learn to pause ... or nothing worthwhile will catch up to you. - Doug King
  • Everything works out in the end. If it hasn't worked out, it's not the end. - Unknown
  • It takes courage to grow up and turn out to be who you really are. - e.e. cummings
  • The awakened sages call a person wise when all his undertakings are free from anxiety about results; all his selfish desires have been consumed in the fire of knowledge. The wise, ever satisfied, have abandoned external supports. -Bhagavad Gita
  • If I had my life to live over... I'd dare to make more mistakes next time. - Nadine Stair
  • Tell me who you love and I will tell you who you are -Houssaye
  • The secret to getting ahead is getting started. -Sally Berger
  • The way you overcome shyness is to become so wrapped up in something that you forget to be afraid. - Lady Bird Johnson
  • Conscience is God’s presence in man. - Emanuel Swedenborg
  • Look within. Be still. Free from fear and attachment,Know the sweet joy of living -Dhammapada
  • A good plan today is better than a perfect plan tomorrow. - General George S. Patton
  • The day the child realizes that all adults are imperfect he becomes an adolescent; the day he forgives them, he becomes an adult; the day he forgives himself, he becomes wise. -Aiden Nowlan
  • The sacred is discovered in what moves and touches us, in what makes us tremble. -Sam Keen
  • Don't sacrifice your own welfare for that of another, no matter how great. Realizing your own true welfare, be intent on just that. -Dhammapada
  • If you wish to travel far and fast, travel light. Take off all your envies, jealousies, unforgiveness, selfishness and fear.Forget mistakes. Forget failures. Forget everything except what you’re going to do now and do it. Today is your lucky day. -Will Durant
  • The more faithfully you listen to the voice within you, the better you will hear what is sounding outside. -Dag Hammarskjold
  • For fast acting relief, try slowing down. -Lily Tomlin
  • The more a man knows, the more he forgives. -Confucius
  • "I am not, I will not be. I have not, I will not have." That frightens all the childish And extinguishes fear in the wise. -Nagarjuna, "Precious Garland"
  • Be kind, for everyone you meet is fighting a hard battle. -Philo
  • Before you speak, ask yourself, is it kind, is it necessary, is it true, does it improve on the silence? -Sai Baba
  • Love wholeheartedly, be surprised, give thanks and praise--then you will discover the fullness of your life. -Brother David Steindl-Rast
  • I want to sing like the birds sing, not worrying about who hears or what they think. -Rumi

>'You've got to find what you love,' Jobs says
>This is the text of the Commencement address by Steve Jobs, CEO of
>Apple Computer and of Pixar Animation Studios, delivered on June 12,
>2005.
I never graduated from college. Truth be told, this is the closest I've ever gotten to a college
graduation. I naively chose a college that was almost as expensive as Stanford, and all of my working-class parents' savings were being spent on my college tuition. After six months, I couldn't see the value in it. I had no idea what I wanted to do with my life and no idea how college was going to help me figure it out. And here I was spending all of the money my parents had saved their entire life. So I decided to drop out and trust that it would all work out OK. It was pretty scary at the time, but looking back it was one of the best decisions I ever made. The minute I dropped out I could stop taking the required classes that didn't interest me, and
begin dropping in on the ones that looked interesting. It wasn't all romantic. I didn't have a dorm room, so I slept on the floor in friends' rooms, I returned coke bottles for the 5¢ deposits to buy food with, and I would walk the 7 miles across town every Sunday night to get one good meal a week at the Hare Krishna temple. I loved it.

If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later. So you have to trust that the dots will somehow connect in your future. You have to trust in something your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.

I was lucky - I found what I loved to do early in life. Woz and I started Apple in my parents garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our
finest creation - the Macintosh, and I had just turned 30. And then I got fired. I was out. And very publicly out. I was a very public failure, and I thought about running away from the valley.

But something slowly began to dawn on me - I still loved what I did. The turn of events at Apple had not changed that one bit. I had been rejected, but I was still in love. And so I decided to start over. I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life. During the next five years, I started a company named NeXT, another company named Pixar, and fell in love with an amazing woman who would become my wife. And Laurene and I have a wonderful family together. I'm pretty sure none of this would have happened if I hadn't been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don't lose faith. I'm convinced that the only thing that kept me going was that I loved what I did. You've got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don't settle.

Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything - all external expectations, all pride, all fear of embarrassment or failure - these things just fall away in the face of death, leaving only what is truly important. There is no reason not to follow your heart.

Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other >people's thinking. Don't let the noise of other's
opinions drown out your own inner voice. And most important, have the courage to follow
your heart and intuition. They somehow already know what you truly want to become.

Stay Hungry. Stay Foolish. Thank you all very much.

Saturday, January 17, 2009

Just completed reading Mansfield Park. Loved it absolutely though it is apparently the least liked of all Austen novels. She wrote it when she was 36.

Monday, January 05, 2009

Neff from CNN Money :
In the meantime he expects his down-and-out stocks to benefit from the rebound. First on his list is Seagate Technology (STX), a top hard-disk-drive manufacturer that supplies Dell, Hewlett-Packard and others. It's been a rough ride: Neff thought the stock was cheap at around $20 last January, then watched the shares slide nearly 80% through 2008. He added to his position at $4 in the fall, when the yield had crept up to 12%.

In early December the company lowered its earnings estimates for the current quarter. But Neff thinks revenues will recover in the next fiscal year, which for Seagate begins in June. "It's going to have a pretty testy quarter, but I don't think the dividend is in question, and that provides some support," he says. "It's not going to be a normal year, but I still think next year's EPS could be a buck or better."

He's also bullish on another technology stalwart, Hewlett-Packard (HPQ, Fortune 500). "I wouldn't usually own two technology stocks, but at the right price even I can be convinced," he says. And he couldn't pass up HP, a blue chip that now trades in the mid-30s.

"I think for this challenging year, HP will earn $4 a share," he says. "They're leading the pack on PCs, and I think they'll get some economies from the EDS acquisition. If I'm right on $4 for 2009, next year it will be $4.60. That's friendly growth."

“I think retail investors should be availing themselves of the bargains out there.”
He's also looking for growth in energy stocks, since he expects oil prices to rebound from late-2008 lows. "Obviously the price of oil came down sharply, but even at this level refiners and producers are making pretty good money," he says. "If I'm right and oil's coming back up a bit, they'll continue to have good bottom lines."

Neff did get pummeled on one of his energy picks last year: He started buying ConocoPhillips (COP, Fortune 500) when the stock first dipped last January. "I thought I was getting quite a bargain at $70 a share," he says. But after climbing to $96 in July, the stock started sliding. It ended the year in the low 50s - a steal, in Neff's opinion.

"They have great cash flow, and they'll raise the dividend in a couple of months," says Neff. "I think they'll have $12 in earnings per share for 2008, maybe $11.50. So at a little over $50 a share, I think that's a very low multiple."

His other favorite is Swift Energy (SFY), which operates oil and natural gas wells in Louisiana and Texas. In 2008 Swift's shares dropped more than 50%. Even so, it has a high P/E because analysts expect earnings to fall sharply this year. But Neff, in true contrarian style, thinks those estimates are too pessimistic. "It's cheap, it's profitable, and it could be a purchase candidate," he says.
The current stock yield 3.78% is higher than yield on treasuries..

Best buy signal, 1st time in 50 yrs